In the election of 1824, John Quincy Adams ran as a National Republican, while Andrew Jackson ran, and won, as the first Democrat. Then, during his second run, Henry Clay ran against him as a National Republican, and lost. It was during this second term that the Whig Party came to be, brought together by a dislike of Jackson and the Democratic Party. The Whigs ran four candidates in 1836, hoping to win the presidency, but failed. Another issue was state’s rights. One of the issues was the tariff of abominations. The South was against the Tariff of Abominations, which raised the tariff rates extremely high, protecting the industries of the North, but hurting the farming of the South. South Carolina convened a special convention specifically designated to nullify the tariff. It was then that John C. Calhoun and Andrew Jackson parted ways, as Calhoun was a vigorous supporter of states’ rights. Jackson signed into law a reduction in the tariff, but South Carolina declared both of them unconstitutional. Again, Congress passed another reduction of the tariff and a Force Bill, giving the President the authority to enforce his decisions. The economic times for Jackson were not very good either. Although he succeeded in reducing the national debt, the Panic of 1937 soon followed. The issuance of his Specie Circular, which forced people to pay for land with gold or silver. He also saw the Second Bank of the United States as an elitist organization that only benefited the rich. He refused to charter it again, and withdrew all funds from it, putting it in his pet banks.